MOURNE FREIGHT SERVICES LTD 31/07/2020 iXBRL

MOURNE FREIGHT SERVICES LTD 31/07/2020 iXBRL

MOURNE FREIGHT SERVICES LTD - Company Information

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Company registration number: NI622667
MOURNE FREIGHT SERVICES LTD
Unaudited filleted financial statements
31 July 2020
MOURNE FREIGHT SERVICES LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
MOURNE FREIGHT SERVICES LTD
Directors and other information
Directors PEARSE DERBY
Secretary PEARSE DERBY
Company number NI622667
Registered office MOUNTAINVIEW UNIT 6/7
3 SCHOOL ROAD
KILLEEN, NEWRY
CO. DOWN
BT35 8RX
Business address MOUNTAINVIEW UNIT 6/7
3 SCHOOL ROAD
KILLEEN, NEWRY
CO. DOWN
BT35 8RX
Accountants RGA ACCOUNTANTS LTD
35 CHURCH SQUARE
BANBRIDGE
CO. DOWN
BT32 4AP
Bankers ULSTER BANK
86 HILL STREET
NEWRY
CO. DOWN
BT34 1BT
MOURNE FREIGHT SERVICES LTD
Report to the board of directors on the preparation of the
unaudited statutory financial statements of MOURNE FREIGHT SERVICES LTD
Year ended 31 July 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MOURNE FREIGHT SERVICES LTD for the year ended 31 July 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of MOURNE FREIGHT SERVICES LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MOURNE FREIGHT SERVICES LTD and state those matters that we have agreed to state to the board of directors of MOURNE FREIGHT SERVICES LTD as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MOURNE FREIGHT SERVICES LTD and its board of directors as a body for our work or for this report.
It is your duty to ensure that MOURNE FREIGHT SERVICES LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MOURNE FREIGHT SERVICES LTD. You consider that MOURNE FREIGHT SERVICES LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of MOURNE FREIGHT SERVICES LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
RGA ACCOUNTANTS LTD
CHARTERED ACCOUNTANTS
35 CHURCH SQUARE
BANBRIDGE
CO. DOWN
BT32 4AP
28 April 2021
MOURNE FREIGHT SERVICES LTD
Statement of financial position
31 July 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 28,000 35,000
Tangible assets 6 269,972 251,790
_______ _______
297,972 286,790
Current assets
Debtors 7 181,912 331,728
Cash at bank and in hand 266,035 151,938
_______ _______
447,947 483,666
Creditors: amounts falling due
within one year 8 ( 518,368) ( 459,787)
_______ _______
Net current (liabilities)/assets ( 70,421) 23,879
_______ _______
Total assets less current liabilities 227,551 310,669
Creditors: amounts falling due
after more than one year 9 ( 19,500) ( 24,835)
Provisions for liabilities ( 56,615) ( 54,490)
_______ _______
Net assets 151,436 231,344
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 151,236 231,144
_______ _______
Shareholders funds 151,436 231,344
_______ _______
For the year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 April 2021 , and are signed on behalf of the board by:
PEARSE DERBY
Director
Company registration number: NI622667
MOURNE FREIGHT SERVICES LTD
Notes to the financial statements
Year ended 31 July 2020
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is MOUNTAINVIEW UNIT 6/7, 3 SCHOOL ROAD, KILLEEN, NEWRY, CO. DOWN, BT35 8RX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2019: 30 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2019 and 31 July 2020 70,000 70,000
_______ _______
Amortisation
At 1 August 2019 35,000 35,000
Charge for the year 7,000 7,000
_______ _______
At 31 July 2020 42,000 42,000
_______ _______
Carrying amount
At 31 July 2020 28,000 28,000
_______ _______
At 31 July 2019 35,000 35,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2019 27,858 3,091 441,376 472,325
Additions - - 92,699 92,699
Disposals - - ( 10,150) ( 10,150)
_______ _______ _______ _______
At 31 July 2020 27,858 3,091 523,925 554,874
_______ _______ _______ _______
Depreciation
At 1 August 2019 12,392 1,357 206,787 220,536
Charge for the year 3,333 439 64,136 67,908
Disposals - - ( 3,542) ( 3,542)
_______ _______ _______ _______
At 31 July 2020 15,725 1,796 267,381 284,902
_______ _______ _______ _______
Carrying amount
At 31 July 2020 12,133 1,295 256,544 269,972
_______ _______ _______ _______
At 31 July 2019 15,466 1,734 234,589 251,789
_______ _______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 106,858 297,236
Other debtors 75,054 34,492
_______ _______
181,912 331,728
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 50,722 7,074
Trade creditors 230,630 123,530
Corporation tax ( 1,623) 13,701
Social security and other taxes 203,387 179,531
Other creditors 35,252 135,951
_______ _______
518,368 459,787
_______ _______
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 19,500 24,835
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
PEARSE DERBY 34,492 ( 8,080) - 26,412
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
PEARSE DERBY 31,543 26,949 ( 24,000) 34,492
_______ _______ _______ _______